Oil E&P stocks slide

After extending losses in mid-morning trade, key benchmark indices traded off the day's low in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 128.42 points or 0.51% at 25,202.07. The losses for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently down 31.15 points or 0.4% at 7,683.75. In overseas markets, Asian stocks witnessed a subdued trend following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016.

The Sensex fell 173.67 points or 0.68% at the day's low of 25,156.82 in mid-morning trade. The barometer index fell 8.39 points or 0.03% at the day's high of 25,322.10 in opening trade. The Nifty fell 44.10 points or 0.57% at the day's low of 7,670.80 in mid-morning trade. The index rose 3.35 points or 0.04% at the day's high of 7,718.25 at the onset of the trading session.

The market breadth indicating the overall health of the market was negative. On BSE, 1,162 shares declined and 1,067 shares rose. A total of 156 shares were unchanged. The BSE Mid-Cap index was currently off 0.05%. The fall in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.2%, outperforming the Sensex.

Index heavyweight and housing finance major HDFC fell 1.36% to Rs 1,150.65. The stock hit high of Rs 1,162.15 and low of Rs 1,143.75 so far during the day.

Kotak Mahindra Bank slipped 0.16% to Rs 663. The stock was volatile. The stock hit high of Rs 675.60 and low of Rs 661.45 so far during the day. Kotak Mahindra Bank today, 23 March 2016, announced that the Reserve Bank of India has intimated the bank that following an approval from the Foreign Investment Promotion Board, the central bank has taken on its record the foreign investment limit in Kotak Mahindra Bank to be at 55% of the bank's equity capital. The ceiling on investment in the bank's shares by foreign institutional investors, foreign portfolio investors (FPIs) and qualified foreign investors (QFIs) remains at 40% of equity capital.

Shares of oil exploration and production firms dropped as crude oil prices declined. ONGC (down 1.94%), Cairn India (down 1.74%), Oil India (down 0.99%) and Reliance Industries (RIL) (down 1.67%) edged lower. Lower crude oil prices would result in lower realization from crude sales for oil exploration firms.

Shares of public sector oil marketing companies also edged lower. BPCL (down 0.29%), Indian Oil Corporation (down 0.09%) and HPCL (down 1.49%) edged lower.

In the global commodities markets, Brent for May settlement was currently down 40 cents at $41.39 a barrel. The contract had gained 25 cents or 0.6% to settle at $41.79 a barrel during the previous trading session.

Auto stocks were mixed. Hero MotoCorp (up 1.18%), Ashok Leyland (up 2.22%), Maruti Suzuki India (up 0.61%) and Bajaj Auto (up 0.43%) rose. TVS Motor Company (down 1.92%), Mahindra & Mahindra (M&M) (down 0.11%), Eicher Motors (down 0.69%) and Tata Motors (down 0.03%) declined.

In overseas stock markets, Asian stocks were trading lower following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016. Most US stocks fell yesterday, 22 March 2016, as a decline in financial and consumer-staples shares weighed on the main benchmarks.

Powered by Capital Market - Live News